SAPO: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
SAPO
Largest movements
- Receivables within one year -€18,614
down €18,614 (-31.2%), from €59,715 to €41,101
of which Trade receivables: -€18,897
- Cash +€12,948
up €12,948 (+31.4%), from €41,216 to €54,165
mainly Receivables within one year (+€18,614) and Depreciation (+€12,585)
- Tangible fixed assets -€4,596
down €4,596 (-14.1%), from €32,531 to €27,935
of which Furniture and vehicles: -€2,630
- Trade debts -€9,037
down €9,037 (-29.4%), from €30,785 to €21,749
- Reserves +€8,562
up €8,562 (+15.0%), from €57,144 to €65,706
- Debts after one year -€6,457
down €6,457 (-28.8%), from €22,457 to €16,000
- Current portion of long-term debt -€4,790
down €4,790 (-42.6%), from €11,247 to €6,457
- Gross operating margin -€1,085
down €1,085 (-3.8%), from €28,220 to €27,135
- Write-downs -€827
down €827, from €538 to -€289
- Depreciation +€302
up €302 (+2.5%), from €12,283 to €12,585
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €171,947 | €162,129 | -€9,819 | -5.7% |
| Fixed assets | 21/28 | €32,531 | €27,935 | -€4,596 | -14.1% |
| Tangible fixed assets | 22/27 | €32,531 | €27,935 | -€4,596 | -14.1% |
| Land and buildings | 22 | €12,646 | €10,681 | -€1,966 | -15.5% |
| Furniture and vehicles | 24 | €19,885 | €17,254 | -€2,630 | -13.2% |
| Current assets | 29/58 | €139,416 | €134,194 | -€5,222 | -3.7% |
| Stocks and contracts in progress | 3 | €35,213 | €35,644 | +€431 | +1.2% |
| Stocks | 30/36 | €35,213 | €35,644 | +€431 | +1.2% |
| Amounts receivable within one year | 40/41 | €59,715 | €41,101 | -€18,614 | -31.2% |
| Trade receivables | 40 | €59,715 | €40,818 | -€18,897 | -31.6% |
| Other amounts receivable | 41 | - | €283 | +€283 | |
| Cash at bank and in hand | 54/58 | €41,216 | €54,165 | +€12,948 | +31.4% |
| Deferred charges and accrued income | 490/1 | €3,272 | €3,284 | +€12 | +0.4% |
| Total equity and liabilities | 10/49 | €171,947 | €162,129 | -€9,819 | -5.7% |
| Equity | 10/15 | €102,704 | €111,266 | +€8,562 | +8.3% |
| Contributions | 10/11 | €45,560 | €45,560 | = | 0.0% |
| Reserves | 13 | €57,144 | €65,706 | +€8,562 | +15.0% |
| Distributable reserves | 133 | €57,144 | €65,706 | +€8,562 | +15.0% |
| Amounts payable | 17/49 | €69,243 | €50,862 | -€18,381 | -26.5% |
| Amounts payable after more than one year | 17 | €22,457 | €16,000 | -€6,457 | -28.8% |
| Financial debts | 170/4 | €22,457 | €16,000 | -€6,457 | -28.8% |
| Amounts payable within one year | 42/48 | €46,786 | €34,862 | -€11,924 | -25.5% |
| Current portion of amounts payable after more than one year | 42 | €11,247 | €6,457 | -€4,790 | -42.6% |
| Trade debts | 44 | €30,785 | €21,749 | -€9,037 | -29.4% |
| Suppliers | 440/4 | €30,785 | €21,749 | -€9,037 | -29.4% |
| Taxes, remuneration and social security | 45 | €2,992 | €4,399 | +€1,406 | +47.0% |
| Taxes | 450/3 | €2,992 | €4,399 | +€1,406 | +47.0% |
| Other amounts payable | 47/48 | €1,761 | €2,258 | +€497 | +28.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,283 | €12,585 | +€302 | +2.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €538 | -€289 | -€827 | |
| Other operating charges | 640/8 | €1,269 | €1,081 | -€188 | -14.8% |
| Gross operating margin | 9900 | €28,220 | €27,135 | -€1,085 | -3.8% |
| Operating profit (loss) | 9901 | €14,130 | €13,758 | -€372 | -2.6% |
| Financial income | 75/76B | €3 | €20 | +€17 | +550% |
| Recurring financial income | 75 | €3 | €20 | +€17 | +550% |
| Financial charges | 65/66B | €1,714 | €1,499 | -€215 | -12.5% |
| Recurring financial charges | 65 | €1,714 | €1,499 | -€215 | -12.5% |
| Profit (loss) for the period before taxes | 9903 | €12,419 | €12,279 | -€140 | -1.1% |
| Income taxes | 67/77 | €3,895 | €3,717 | -€177 | -4.6% |
| Profit (loss) for the period | 9904 | €8,525 | €8,562 | +€38 | +0.4% |
| Profit (loss) for the period to be appropriated | 9905 | €8,525 | €8,562 | +€38 | +0.4% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.